The space that we inhabit is one of the most essential components of our lives – and timely renovations spruce up our place along with the overall property price. In addition to that, we often need to create extra storage area or sometimes, we feel that our whole house needs a splash of colour to become lively. Homeowners in the United Kingdom have already spent £295 million over the past 5 years to renovate their properties to get high returns on their investment. The average amount that individuals spent on the improvements was £14,015. Making necessary improvements and upgradations will help you to have the house of your dream and also will help you in climbing the property ladder. In this article, we will discuss 5 home improvements that can add value to your property.
According to a study, 54% of homebuyers said they look for a private garden while hunting for a home. Another research conducted by My Tool Shed found that a garden can add 20% to the overall value of your home, which means that the average UK house may witness an increase of £46,542. A study conducted by Foxtons Estate Agents showed that 62% of their customers said that a garden is an important and deciding factor for them while investing in the property. Giving a new makeover to your garden can help you in gaining returns in the coming years. A well-maintained garden is what Britons are looking for these days before putting their money in. Therefore, upgrade your green area by cutting the unwanted grass, clean your flower beds, and add some more plants to your garden. You may also add décor to your garden.
Each one of us considers a kitchen to be the most important rooms while buying a house. A quality kitchen is what most of the potential homebuyers look for when it comes to investing their money in a property. According to the Royal Institution of Chartered Surveyors (RICS), upgrading your kitchen may lead to a 4% increase in your overall property value. Another research conducted by Sell House Fast revealed that upgrading a kitchen can add up to £12,442.87 to the value of your property, which leads to an increase of 5.5%.
Converting your attic into functional space – a living room or bedroom – can help you add 15% to the value of your home. To plan and carry out the conversion, you must contact seasoned professionals who can contribute their ideas to do it in the right way. If you need an additional room, you need not move to a new place. Moving to a new home will become expensive while converting your loft will be comparatively cheaper and feasible as well.
Adding up a bathroom to your existing property may boost the value by 5%. You may choose different areas of your property to plan this extension such as – hallways, walk-in closet space, and bedrooms. Find out areas or spots in your property that doesn’t have any functional contribution towards the aesthetic of your home. And check whether a new ensuite bathroom will help you to redesign the overall look of that particular area or not.
If you’re considering to add value to your existing property whether to increase the reselling value or to set your foot in the property market – adding a new roof is an improvement that you shouldn’t overlook. According to research by an award-winning business insurance company – Hiscox – adding a new roof to your home may increase the value of the home by 3.1%.
The Bottom Line
There are a few other improvements which do not add anything to the overall value of the property. If you are eyeing on financial returns then you must neutralize the whole redo. As different individuals have different tastes. Another important thing that you should think is the condition of the properties in your neighbourhood. If you invest a lot of money in the complete renovation of your property and it stands way above the other existing ones – then your property may be assumed as the “most expensive” one. And getting a tag like that may ruin your chances of reselling your home. Therefore, neutralization is the key. Do not overdo or underdo anything. Research the market and check what’s in trend and what’s out, prepare a budget and plan accordingly. If you do not have enough money cover the expenses, you can opt for a Home Improvement Loan. These loans are a type of personal loan that means you do not have to use your property as security to borrow the money. In addition to that, you can spread the cost of repayment over several years. With such easy options of financing – plan your renovation and get moving.